Wavestone: Oddo BHF maintains 'buy' rating; adjusts target

(CercleFinance.com) - Oddo BHF has reinstated its "buy" recommendation on Wavestone, while trimming its target price from 38 euros to 37 euros, after the group published good quality interim results, which reflect tangible benefits from its merger with Kurt Salmon on sales prices.


Management's caution is in tune with the perception of a potential deterioration in macroeconomic conditions, while Wavestone cannot yet see any negative signs in its business, the analyst says, who has slightly reduced his estimates.

The broker still believes that Wavestone is well placed to continue to generate earnings growth that exceeds its peers while the stock is trading at a discount of around 15% in terms of 2019 EV/EBIT.

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